Saic Motor Corporation Limited (600104) released its 2025 financial report on April 1. The report indicates the company achieved annual vehicle sales of 4.507 million units, a year-on-year increase of 12.3%, capturing a 13.1% market share. Consolidated operating revenue reached 656.24 billion yuan, up 4.6% year-on-year. Net profit attributable to shareholders of the listed company was 10.11 billion yuan, marking a substantial increase of 506.5% compared to the previous year.
In 2025, despite multiple pressures including intense market competition, the transition to new energy vehicles, and policy adjustments, Saic Motor achieved comprehensive growth in sales, revenue, and profit, showing a clear recovery trend compared to 2024.
The significant rebound in net profit attributable to shareholders is the most notable highlight of Saic's 2025 financial report. Full-year consolidated operating revenue reached 656.24 billion yuan, a 4.57% increase from 627.59 billion yuan in 2024. Operating revenue was 646.152 billion yuan, rising 5.22% year-on-year, a growth rate higher than the industry average. Furthermore, total annual profit reached 24.91 billion yuan, up 136.98% year-on-year. Net profit attributable to shareholders surged to 10.11 billion yuan from 1.67 billion yuan in 2024, an increase of 506.5%. Net profit after extraordinary gains and losses attributable to shareholders was 7.42 billion yuan, growing 237.2% year-on-year, indicating a substantial enhancement in core profitability.
In terms of sales volume, Saic Motor sold 4.507 million vehicles in 2025, a 12.3% year-on-year increase. Its market share reached 13.1%, up 0.3 percentage points from the previous year. Regarding costs, thanks to optimization of the supply chain, realization of scale effects, and a rational correction in raw material prices, the company's cost pressures were effectively alleviated, leading to a significant improvement in gross profit margin compared to 2024. Concurrently, the company's product structure continued to upgrade towards premium and new energy segments, with the sales proportion of high-value-added products continuously increasing, further driving profit growth.
An automotive industry analyst noted that Saic Motor's performance recovery in 2025 is not merely a short-term improvement driven by sales volume rebound; a more critical change lies in the adjustment of the company's operational strategy. As the proportion of self-owned brands and new energy models continues to increase, the company's growth sources have become more diversified and sustainable. This indicates that competition among automakers is no longer solely about scale but hinges on forming a virtuous cycle in cost control, product definition, and brand elevation.
For self-owned brands, Saic's self-owned brand sales reached 2.928 million vehicles in 2025, a 21.6% year-on-year increase, accounting for 65% of the group's total sales, an approximate 5 percentage point increase from the previous year. Self-owned brands have become the main driver of the company's development, a achievement attributed to Saic's continuous investment and product adjustments for its self-owned brands. A Saic representative stated that in 2025, the company launched a series of models better aligned with market demand. New vehicles such as the Roewe M7, Wuling Bingo S, and the all-new IM LS6 were successively introduced to the market, covering various segments from entry-level to premium and powertrains from pure electric to hybrid, boosting both sales volume and brand recognition for self-owned brands. Additionally, SAIC Audi launched the E5 Sportback targeting young consumers in 2025, with designs and smart features more attuned to younger users, further advancing the joint venture brand's layout in the new energy transition.
Despite leading in scale, pressure remains. The analyst mentioned that the Chinese automotive industry is currently in a phase of accelerated change. New energy vehicles are gradually becoming mainstream, self-owned brands are continuously improving, and smart technology is rapidly proliferating. These overlapping changes demand higher overall capabilities from automakers. Against this backdrop, competition among leading automakers has intensified. In terms of the domestic market landscape, Saic Motor remains a significant force among self-owned brands and is in the first tier of leading automakers, but it faces sustained pressure from companies like BYD. In 2025, ten automotive groups in China each achieved annual sales exceeding one million vehicles, accounting for 83.9% of total annual auto sales. Among them, BYD performed particularly well, with annual sales exceeding 4.602 million vehicles; Saic Motor ranked second with 4.507 million vehicles. For Chinese brand passenger vehicles, 2025 sales reached 20.936 million units, with market share rising to 69.5%, establishing domestic dominance. Among these, Saic's self-owned brand sales were 2.928 million vehicles, with steadily increasing share, maintaining a leading position among top automakers.
However, Saic Motor is also facing competitive pressure from peers. BYD, leveraging its first-mover advantage in the new energy sector, has established strong coverage in the mainstream price range of 100,000 to 200,000 yuan, posing significant challenges to Saic's related products. Meanwhile, other self-owned brands like Geely, Chery, and Changan are accelerating their transformation pace, increasing investments in new energy and smart technologies, further compressing Saic's market space. Additionally, joint venture automakers like Volkswagen and Toyota are speeding up their electrification plans, launching multiple new energy models in an attempt to regain market share. In contrast, Saic's joint venture brands have been slower to transform, gradually showing pressure in the current competitive environment.
In the global market, Chinese auto exports reached 7.098 million vehicles in 2025, a 21.1% year-on-year increase, maintaining the top global position for three consecutive years. New energy vehicle exports were 2.615 million units, doubling year-on-year, becoming the primary source of export growth. According to Saic's 2025 annual report, its overseas sales for the year were 1.071 million vehicles, a 3.1% increase, with cumulative overseas sales exceeding 6 million units. Its products and services cover over 170 countries and regions. However, in terms of scale, Saic still lags behind companies like Chery and BYD, and its market focus remains primarily on regions like Europe and Southeast Asia. Factors such as the EU's anti-subsidy investigation pose challenges for further expanding overseas markets.
Looking at the global automotive landscape, Chinese automakers held three spots in the global top ten by sales in 2025: BYD, Saic Motor, and Geely Holding. Toyota remained first with 11.32 million vehicles, Volkswagen Group ranked second with 8.984 million, and Hyundai Motor Group was third with 7.274 million. Saic Motor's global sales were 4.507 million vehicles, placing it within the top ten, but a gap remains compared to these international automakers in terms of profitability and operational efficiency. For instance, the net profit per vehicle for Toyota in 2025 was approximately 17,000 yuan, while Saic's overall level remains relatively low, indicating a persistent disparity between scale and earnings.
The analyst believes these pressures are not unique to Saic but are common challenges faced by traditional automakers. However, given Saic's larger scale, its future strategies for breaking through will, to some extent, influence the choices of other automakers and serve as a reference for the industry.
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